The gender pay gap in commercial real estate is, unfortunately, still a measurable problem that has actually increased in the last 5 years. On March 10, Sharon Krohn of Sharon Krohn Consulting and 2020 CREW Network Industry Research Committee Chair, Cecilia Hyun, a Partner at Siegel Jennings Co. LPA (CREW Cleveland), and Karin Kraai, MBA Interim Executive Director of The Goldie Initiative, presented the findings of the CREW 2020 Benchmark Study on Gender and Diversity in Commercial Real Estate. The study concluded that the current pay gap is 10.2% for “base” salaries and a whopping 55.9% differential for commissions and bonuses.
Participants worked in facilitated small groups to generate concrete suggestions for closing the base salary and commission/bonus gap, creating a culture that embraces diversity, equity and inclusion, and supporting the professional development and promotion of women in their organizations. The panelists stressed the importance of women advocating for themselves and using available tools to attribute monetary value to their accomplishments.